Although analysts had projected retail growth in December to average 2.7%, J.C. Penney reports that sales rose 3.7% for the last 9 weeks leading up to the end of December. That compares to 3.1% growth for the same time period last year.
Last year at this time, Penney did not disclose sales results, which drove the stock down and raised investors’ concerns about the company’s turnaround efforts after failed changes in sales strategy. This included removing discounts and popular house brands.
“Our highest priority over the last year has been to restore profitable sales growth at J.C. Penney,” Chief Executive Myron E. Ullman said. “This holiday season was instrumental in that effort.”
The National Retail Federation (NRF) projects this holiday season to boast the strongest sales growth since 2011. J.C. Penney is the first large retailer to report holiday season sales.
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